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Public Governance, Performance and Accountability (Investment) Amendment Authorisation 2014

Authoritative Version
  • - F2014L01013
  • No longer in force
Authorisations & Authority(s) as made
This Authorisation amends the Public Governance, Performance and Accountability (Investment) Authorisation 2014 by changing a reference in section 4.
Administered by: Finance
Registered 23 Jul 2014
Tabling HistoryDate
Tabled HR26-Aug-2014
Tabled Senate26-Aug-2014
Date of repeal 25 Jul 2014
Repealed by Division 1 of Part 5A of the Legislative Instruments Act 2003

EXPLANATORY STATEMENT

 

Issued by the Authority of the Minister for Finance

 

Public Governance, Performance and Accountability (Investment) Amendment Authorisation 2014

 

Section 59 of the Public Governance, Performance and Accountability Act 2013 (PGPA Act) permits corporate entities to invest money that is (not immediately required for the purposes of the entity) in certain instruments prescribed in the Act as well as investments approved by the Finance Minister in writing.  Subparagraph 59(1)(b)(iii) of the PGPA Act provides that the Finance Minister may make specific investment approvals for corporate Commonwealth entities.

 

The Public Governance, Performance and Accountability (Investment) Amendment Authorisation 2014 amends the Public Governance, Performance and Accountability (Investment) Authorisation 2014.  The investment authorisation was intended to continue the scope of the investment approvals previously provided under paragraph 18(3)(d) of the Commonwealth Authorities and Companies Act 1997.  The amendment authorisation, created pursuant to subparagraph 59(1)(b)(iii) of the PGPA Act, corrects a technical drafting error which switched the authorisations of two corporate Commonwealth entities. 

 

Subsection 59(4), of the PGPA Act establishes these authorisations as legislative instruments that are not subject to disallowance.  Hence section 42 (disallowance) of the Legislative Instruments Act 2003 does not apply.

 

The Public Governance, Performance and Accountability (Investment) Amendment Authorisation 2014 amends the primary instrument by changing a reference in section 4 to read “Part 3” instead of “Part 4”.  This references the authorisation for the Export Finance and Insurance Corporation instead of the Grains Research and Development Corporation.  The reference had not been amended when an earlier Part was removed from the original instrument, inadvertently switching the continuing authorisations for these two entities.

 

Consultation

 

The two Commonwealth entities affected by the technical drafting error have been consulted.